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David Fitzsimmons | Hustle / media.cagle.com

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Next Time Someone Argues For 'Trickle-Down' Economics, Show Them This

  • The highest-earning 20 percent of Americans have been making more and more over the past 40 years. Yet no other boats have risen; in fact, they're sinking. Over the same 40 years, the lowest-earning 60 percent of Americans have been making less and less.
  • Obama’s low-wage “recovery”

Kathleen Miles, Huffington Post

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2/6/2014 | Conservatives like to say that "a rising tide lifts all boats." In other words, if an executive makes $20 million a year, his income will eventually trickle down into the rest of the economy and ultimately benefit poor people.

But that theory hasn't exactly proven true. The highest-earning 20 percent of Americans have been making more and more over the past 40 years. Yet no other boats have risen; in fact, they're sinking. Over the same 40 years, the lowest-earning 60 percent of Americans have been making less and less.

Kathleen Miles is Associate Editor for HuffPostLA. She earned her BA from UC Berkeley, where she studied Political Economy of Non-Industrialized Studies. She has worked in labor, education and politics.

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Obama’s low-wage “recovery”, Jerry White, World Socialist Website

  • The experience of the Obama administration, which has overseen the greatest explosion of social inequality in US history, while accelerating the attack on democratic rights and war-mongering policies of his Republican predecessor, has provoked widespread disgust and anger. The president’s election-year rhetoric about “equality” and his proposals for token “reforms” is largely falling on deaf ears.
  • Mass unemployment in America

The Zombie Numbers That Rule the U.S. Economy

  • Figures like gross domestic product were appropriate for their own time. But today, they paint a consistently misleading portrait of America.
  • How Govt. Hides the Poor: Formula for Measuring Poverty Dates to When a Loaf of Bread Cost 22 Cents
  • Obama’s low-wage “recovery”

Zachary Karabell, The Atlantic

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Reuters 

Feb 21 2014 | This Thursday the Conference Board, a global business association, released its monthly index of “leading economic indicators.” Like the unemployment and inflation, housing starts, G.D.P. changes and other figures, these numbers arrive in metronomic waves. Financial services like Bloomberg, Dow Jones and Reuters blast them out the moment they’re released. Stock markets will often respond within seconds. Commentators and policy makers attribute to them a near-cosmic significance. 

We act as if they are markers from time immemorial, but in fact they were invented for modern industrial nations after the Depression and World War II and are now seriously outdated.

Zachary Karabell is Head of Global Strategy at Envestnet, a financial services firm, and author of The Leading Indicators: A Short History of the Numbers that Rule Our World.

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How Govt. Hides the Poor: Formula for Measuring Poverty Dates to When a Loaf of Bread Cost 22 Cents, Steven Rosenfeld, AlterNet

  • Cities, states, advocates and academics have known for years that (the present) measure of who is poor undercounts millions of Americans. 
  • False stats.
  • The Zombie Numbers That Rule the U.S. Economy
  • The poverty that Paul Ryan ignores

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Obama’s low-wage “recovery” Jerry White, World Socialist Website

  • The experience of the Obama administration, which has overseen the greatest explosion of social inequality in US history, while accelerating the attack on democratic rights and war-mongering policies of his Republican predecessor, has provoked widespread disgust and anger. The president’s election-year rhetoric about “equality” and his proposals for token “reforms” is largely falling on deaf ears.
  • Mass unemployment in America

Obama’s low-wage “recovery”

  • The experience of the Obama administration, which has overseen the greatest explosion of social inequality in US history, while accelerating the attack on democratic rights and war-mongering policies of his Republican predecessor, has provoked widespread disgust and anger. The president’s election-year rhetoric about “equality” and his proposals for token “reforms” is largely falling on deaf ears.
  • Mass unemployment in America

Jerry White, World Socialist Website

Submitted by Evergreene Digest Contributing Editor John Stoltenberg

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Another%20World%20Rainbow.jpg31 January 2014 | President Obama’s State of the Union address this week coincided with the release of several year-end profit reports. Profits for the firms listed on the S&P 500 stock market index jumped 11 percent in 2013, in large part because of declining wages and the increased exploitation of American workers.

In his national address Tuesday night, Obama acknowledged that “corporate profits and stock prices have rarely been higher, and those at the top have never done better. But average wages have barely budged. Inequality has deepened.” The “cold, hard fact,” he added, “is that even in the midst of recovery, too many Americans are working more than ever just to get by—let alone get ahead.”

Jerome "Jerry" White is an American politician and journalist, reporting for the World Socialist Web Site. He is a member of the Socialist Equality Party of the United States.

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Money_PieMass unemployment in America, World Socialist Website

  • 11 February 2014 | Speaking Friday in advance of signing a bill slashing $8.7 billion from the food stamp program, President Barack Obama hailed the dismal jobs report for January released earlier that day. Wall Street also reacted enthusiastically, rallying to send the Dow Jones Industrial average higher by 160 points.
  • The US economy created 113,000 jobs in January, according to Friday’s report, far fewer than the 189,000 economists had predicted. It was the second consecutive month of slow job growth, following December’s increase of 75,000.

 

Section(s): 

Series | Loathsome Wall Street Deficit Hysterics: Part 3, Malign Confusion about Growth, Economic Growth or “Degrowth”: Which Way Forward?

New Economic Perspectives

Ultimately, if economics is to become a relevant and realistic discipline, it must confront the real physical world which economies have transformed but economics has not measured or accounted for in relevant physical aspects like carbon emissions and other dimensions of ecological footprint.  An exclusive focus on growth or degrowth as “good” or “bad” or vice-versa will lead to mismanagement of an economy, even one that is attempting a crash-course in emissions reductions.

Michael Hoexter, New Economic Perspectives

Austerity_Traffic_Warning_SignWednesday, 25 December, 2013 | As action is required today and in the near future, though, it is reasonable to assume that production will be organized via some form of a capitalist organization of firms and the motivation of economic actors to achieve monetary profits/savings.  In the period of transition to a new energy economy, the government sector and budget will play an enlarged and leading role in financing and regulating the transition.

Targeting net degrowth over a period of years, perhaps a decade, might or might not inhibit the development of the “greener” sectors of the energy and transport economy exactly because these sectors have to play “catch-up” in the area of infrastructure.  The most secure way to build out these sectors in terms of minimizing technology risk, is to deploy renewable energy generators, some on a vast scale, heavy and light electric rail infrastructure, electric road and other grid-tied systems not dependent on advances in battery technology or availability of moderately scarce elements like lithium.  These systems require as construction materials emissions-intensive steel and concrete on a very large scale.  Innovations may cut these emissions substantially though in the foreseeable future not completely.   Various commercial interests are claiming they have a breakthrough on the energy storage or generation side which would diminish the need for these investments but currently there is no certain alternative to the creation of some massive earthworks.

Michael Hoexter writes on Sustainability, Renewable Energy, Energy Efficiency: Policy and Marketing; Politics of a Sustainable Future; and Meta-economics: Science, Subjectivity and Economic Policy

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Series | Loathsome Wall Street Deficit Hysterics: Part 2, Economic Growth or “Degrowth”: Which Way Forward? Michael Hoexter, New Economic Perspectives

  • The earth’s climate is facing tipping points beyond which a recognizable human civilization will be almost impossible to maintain due to the expansion of inhospitable or entirely uninhabitable climate zones, destruction of existing human settlements by water and weather, and the destruction of co-evolved species (including food) upon which we depend.
  • Series | Loathsome Wall Street Deficit Hysterics: Part 1, 'Blame the Old and Sick, Not Us' 

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Series | Loathsome Wall Street Deficit Hysterics: Part 1, 'Blame the Old and Sick, Not Us' Michael HoexterNew Economic Perspectives

  • Besides inspiring the reduced level of government funding we are now seeing in the US and elsewhere, the deficit hysteria campaign is threatening to undermine what remains of the American social safety net that helped form and support the American middle class over the past 70 years.
  • State to cut Medicaid benefits for the elderly
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